OPEC+ To Boost Production Target

Saudi Arabia and the UAE to raise their production by 100,000 bpd in September

The OPEC+ group gave the go-ahead to lift their oil production targets for September by 100,000 bpd as recommended by the Joint Ministerial Monitoring Committee (JMMC) which met earlier wednesday, Amena Bakr, Chief Opec Correspondent & Deputy Bureau Chief at Energy Intelligence, reported just as the ministerial meeting of OPEC+ began on Wednesday.

OPEC+ meeting is the first meeting since the group decided to roll back by the end of August all the cuts from May 2020, when the current agreement started. Analysts had expected the alliance to endorse either flat targets for September compared to August, or a slight increase.

Ahead of the meeting on Wednesday, the U.S. Department of the State approved on Tuesday a possible Foreign Military Sale to Saudi Arabia—OPEC’s top producer—of PATRIOT MIM-104E Guidance Enhanced Missile-Tactical Ballistic Missiles (GEM-T) and related equipment for an estimated cost of $3.05 billion. The State Department also cleared a possible Foreign Military Sale to the United Arab Emirates (UAE) for an estimated cost of $2.245 billion.
Saudi Arabia and the UAE are believed to be the only two producers in OPEC+ and in the world currently holding enough spare capacity to raise their oil production. A 100,000 bpd increase for the entire group will likely mean less than a 30,000 bpd increase for Saudi Arabia, and a less than 10,000 bpd increase for the UAE.

https://oilprice.com/

Russia And Saudi Arabia See Oil Oversupply In 2022

First or second quarter?

“Everybody is predicting a surplus of supply starting from the first or second quarter,” next year, Russian Deputy Energy Minister Pavel Sorokin told Bloomberg on the sidelines of this week’s oil industry even in Abu Dhabi. The only question is when exactly that surplus will take place—but the difference is only a few months, according to Sorokin.

“Inventories have stopped drawing, which shows there is no deficit at the moment,” Sorokin added. Russia took the opportunity to point fingers at the U.S. government, which has for weeks been accusing OPEC of refusing to increase production to ease gasoline prices at American fuel pumps.

According to Sorokin, the U.S. Federal Reserve’s policy has a much greater impact on the oil and gas market than the supply and demand situation.

https://oilprice.com/

Apple is now the world’s most valuable publicly traded company

Saudi Arabia’s state-owned oil company Saudi Aramco ranked at the second place

Apple is now the world’s most valuable publicly traded company, passing Saudi Arabia’s state-owned oil company Saudi Aramco. As of close of business Friday, Apple has a market valuation of $1.84 trillion, while Saudi Aramco’s is $1.76 trillion, according to CNBC. Apple’s stock, which has been on a largely-steady climb since the end of March, closed up more than 10 percent on Friday following the company’s record-breaking third-quarter earnings on Thursday, ending the day at $425.04.

Apple’s total revenue for Q3 hit $59.7 billion, up 11 percent from last year. Strong Mac and iPad sales were a highlight, and the company likely saw increased demand for the devices while people have been sheltering in place due to the COVID-19 pandemic. Apple also announced a four-for-one stock split as part of its third quarter earnings, which will lower the price of an individual stock.

AmazonFacebook, and Google all announced earnings yesterday as well, and for the most part, they had pretty good quarters. Amazon doubled its profit — during a pandemic. Facebook saw a daily user increase of 12 percent year over year to 1.79 billion. And combined, the four companies netted $28.6 billion in profits.

https://www.theverge.com/